Temasek Joins Current Investors to Advance Prescription Digital Therapeutics Platform
BOSTON, and SAN FRANCISCO, January 2, 2018– PEAR Therapeutics, the leader in prescription digital therapeutics, today announced that it has successfully closed a $50 million Series B financing led by Temasek. With this financing, Temasek joins new and existing investors including 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, Singapore-based EDBI, and the Bridge Builder’s Collaborative. PEAR is the first company to receive U.S. Food and Drug Administration (FDA) clearance for a prescription digital therapeutic with claims to improve clinical outcomes in a disease. The financing will allow the company to commercialize its lead programs and further develop its pipeline and platform.
In September 2017, PEAR’s lead product candidate, reSET®, became the first prescription digital therapeutic cleared by the FDA for the treatment of substance use disorder. Its second digital therapeutic, reSET-O™, which is designed as an adjunct to pharmacotherapy to treat opioid use disorder, recently received Expedited Access Pathway (EAP) designation from the FDA. PEAR is also one of nine companies selected to the FDA’s Digital Health Pre-Certification Pilot Program to help guide the agency in defining new regulatory guidelines for digital health products.
PEAR will use the financing to drive continued development and commercialization of its prescription digital therapeutics platform. In addition to its commercial products for treating addiction conditions (reSET® and reSET-O™), the company is developing software-based treatments for schizophrenia (THRIVE™), combat post-traumatic stress disorder (reCALL™), general anxiety disorder (reVIVE™), pain, major depressive order, and insomnia, with additional discovery-stage programs outside of CNS.
“At PEAR, 2017 was a year filled with noteworthy achievements. Our team made significant strides in advancing our pipeline of prescription digital therapeutics. We plan to use this additional capital to substantiate the clinical efficacy of our therapeutics across a variety of indications,” said Corey McCann, M.D., Ph.D., President and CEO of PEAR Therapeutics. “This latest financing recognizes the strides we’ve made in proving the clinical utility and commercial viability of prescription digital therapeutics.”
About Prescription Digital Therapeutics
Prescription digital therapeutics are clinically validated, FDA-cleared software applications that demonstrate safety and efficacy in randomized clinical trials to improve patient outcomes. They are designed to enhance clinical outcomes, and, where clinically relevant, may be combined with current treatment regimens including approved drug or device therapies. Prescription digital therapeutics usually include patient-facing applications, clinical assessment and outcomes tracking, clinician monitoring dashboards and HIPAA-compliant data storage.
About PEAR Therapeutics
PEAR Therapeutics is the leader in FDA-cleared prescription digital therapeutics. The company’s approach is to integrate clinically-validated software applications with previously approved pharmaceuticals and treatment paradigms to provide better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers. PEAR’s lead product, reSET®, is an FDA-cleared 12-week interval prescription therapeutic for Substance Use Disorder (SUD) to be used as an adjunct to standard, outpatient treatment. PEAR’s product development pipeline includes reSET-O™ for opioid use disorder (OUD) and additional prescription digital therapeutics in schizophrenia (THRIVE™), combat post-traumatic stress disorder (reCALL™), general anxiety disorder (reVIVE™), pain, major depressive order, and insomnia, for which PEAR intends to obtain FDA clearance. For more details, please see www.peartherapeutics.com.
Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a S$275 billion (US $197b) portfolio as of 31 March 2017, mainly in Singapore and the rest of Asia. Our portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; life sciences & agribusiness; as well as energy & resources. Our investment activities are guided by four investment themes and the long-term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions.